For many families, sent money to Nepal have been their only means of alleviating poverty. Even though remittances seem to be spent solely on consumer goods, they have been steadily improving the Nepali people's standard of living. Besides, remittances have aided in the schooling and wellbeing of migrant workers' families. As shown in a World Bank study released recently, Nepal imigrant workers sent home $8.1 billion in 2018, making it the 19th largest recipient of money transfer to Nepal by migrants worldwide. Nepalese number about 80,000in the United Kingdom, and their (relatively) high influx of immigrants makes them one of the country's speediest ethnic minority groups.
Remittances are an important part of Nepal's economic growth. In the last two decades, remittances have been the cornerstone of Nepal's economy. Nepal is one of the developing nations. Agriculture is the economy's largest occupation, providing a living for nearly two-thirds of its population while contributing just one-third of GDP (Economic Survey, 2073/74).Nepal is heavily reliant on remittances, which account for 30% of its GDP. Remittance is a private payment passed from foreign migrants to family members in their home country on a daily or periodic basis. International employment is increasingly becoming a significant source of foreign money transfers to Nepal, allowing the government to maintain a healthy balance of payments.
Some of the best online money transfer services like ACE Money Transfer offer a mobile application for sending money to Nepal online and other countries worldwide. The following are the primary advantages of using a mobile money transfer app:
1. Get instant, real-time quotes and submit money in a matter of seconds.
2. Reliability – no inconvenient delays and complete clarity when it comes to transfers
3. Send money whenever and from wherever it is most convenient for you.
4. Money transfer apps use advanced payment security features.
5. e-Wallet – to save time and add another layer of protection, use a mobile wallet.
6. Send money using a debit card, a credit card, a bank transfer, or a mobile wallet.
7. Cost-effective compared to conventional remittance approaches.